Central Bank update on MoU with the FCA and delegation of Portfolio Management18 January 2019
We want to bring to your attention a speech delivered by Central Bank of Ireland Deputy Governor Ed Sibley yesterday, in which an update was provided in relation to a new Memorandum of Understanding (MoU) with the FCA. A new MoU needs to be in place with the FCA ahead of Brexit date (29 March) in the case of a no deal Brexit.
The Deputy Governor advised that:
“It is reasonable for firms to plan on the basis that MOUs will be in place by 29th March. Firms that delegate portfolio management to the UK can have sufficient confidence that this will continue to be allowed post 29th March.”
The full transcript of the speech can be found on the Central Bank website.
This is an important and welcome development from the Central Bank as firms continue to implement Brexit contingency plans.